Legal Question in Real Estate Law in Florida

I have a second mortgage investment of 25000.on a SFH thru a lien holder name KB thru Bank of America, the first mottgage is 105000.. The tenant is way behind and doing a short sale. BA accepted an offer of 85000. and only offer me 3

000. to satified the sell. I ask for more but they refuse and will close out the loan if I dont accept the 3000. according to the title company. Is their any stragegy I can use or just let them foreclose the loan. I think 3000. is an insult.

George


Asked on 8/17/10, 1:14 pm

1 Answer from Attorneys
Richard Kaplan

Impossible to say. But since the 1st lender is losing money, then you will too. Therefore, something is better than nothing.

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Answered on 8/22/10, 1:48 pm


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